Ionis Pharmaceuticals’ (IONS) Outperform Rating Reiterated at Royal Bank of Canada

Ionis Pharmaceuticals (NASDAQ:IONS)‘s stock had its “outperform” rating restated by equities research analysts at Royal Bank of Canada in a research report issued to clients and investors on Wednesday,Benzinga reports. They presently have a $70.00 price objective on the stock. Royal Bank of Canada’s target price indicates a potential upside of 109.14% from the company’s previous close.

Several other research firms have also commented on IONS. Wells Fargo & Company reduced their price target on shares of Ionis Pharmaceuticals from $82.00 to $77.00 and set an “overweight” rating for the company in a research report on Thursday, November 7th. Needham & Company LLC reiterated a “buy” rating and set a $60.00 target price on shares of Ionis Pharmaceuticals in a research report on Friday, December 20th. Piper Sandler reduced their price target on Ionis Pharmaceuticals from $65.00 to $62.00 and set an “overweight” rating for the company in a research report on Thursday, November 14th. StockNews.com cut shares of Ionis Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Tuesday, November 12th. Finally, William Blair reiterated an “outperform” rating on shares of Ionis Pharmaceuticals in a research report on Friday, December 20th. Two analysts have rated the stock with a sell rating, five have issued a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Ionis Pharmaceuticals currently has an average rating of “Moderate Buy” and an average price target of $60.65.

Ionis Pharmaceuticals Stock Performance

IONS traded up $0.78 during mid-day trading on Wednesday, reaching $33.47. 176,771 shares of the company traded hands, compared to its average volume of 1,244,565. The stock has a market capitalization of $5.28 billion, a P/E ratio of -13.72 and a beta of 0.35. Ionis Pharmaceuticals has a 52-week low of $32.61 and a 52-week high of $53.17. The company has a quick ratio of 8.82, a current ratio of 8.91 and a debt-to-equity ratio of 1.86. The company’s fifty day moving average price is $36.03 and its 200-day moving average price is $41.40.

Insider Transactions at Ionis Pharmaceuticals

In other news, Director Michael R. Hayden acquired 5,000 shares of the business’s stock in a transaction dated Monday, December 23rd. The shares were acquired at an average cost of $36.22 per share, with a total value of $181,100.00. Following the completion of the acquisition, the director now owns 35,219 shares of the company’s stock, valued at approximately $1,275,632.18. This trade represents a 16.55 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Brett P. Monia sold 6,630 shares of Ionis Pharmaceuticals stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $38.05, for a total value of $252,271.50. Following the sale, the chief executive officer now directly owns 167,393 shares of the company’s stock, valued at $6,369,303.65. This trade represents a 3.81 % decrease in their position. The disclosure for this sale can be found here. Insiders own 2.71% of the company’s stock.

Institutional Trading of Ionis Pharmaceuticals

Several institutional investors and hedge funds have recently bought and sold shares of IONS. Geode Capital Management LLC boosted its holdings in Ionis Pharmaceuticals by 7.4% in the third quarter. Geode Capital Management LLC now owns 2,668,358 shares of the company’s stock valued at $106,922,000 after purchasing an additional 183,814 shares during the last quarter. Great Point Partners LLC purchased a new stake in Ionis Pharmaceuticals in the 2nd quarter worth approximately $15,728,000. Charles Schwab Investment Management Inc. grew its stake in shares of Ionis Pharmaceuticals by 8.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,443,020 shares of the company’s stock worth $57,807,000 after purchasing an additional 114,914 shares during the period. DRW Securities LLC acquired a new position in shares of Ionis Pharmaceuticals in the 2nd quarter valued at $2,429,000. Finally, Jacobs Levy Equity Management Inc. boosted its holdings in Ionis Pharmaceuticals by 13.6% during the third quarter. Jacobs Levy Equity Management Inc. now owns 650,779 shares of the company’s stock worth $26,070,000 after buying an additional 77,909 shares in the last quarter. 93.86% of the stock is currently owned by institutional investors and hedge funds.

About Ionis Pharmaceuticals

Ionis Pharmaceuticals, Inc discovers and develops RNA-targeted therapeutics in the United States. The company offers SPINRAZA for spinal muscular atrophy (SMA) in pediatric and adult patients; TEGSEDI, an antisense injection for the treatment of polyneuropathy caused by hereditary transthyretin amyloidosis in adults; and WAYLIVRA, an antisense medicine for treatment for familial chylomicronemia syndrome (FCS) and familial partial lipodystrophy.